Cramer: House Passes H.R. 2499, the Veterans Entrepreneurship Act of 2015

Press Release

Today, Congressman Kevin Cramer announced the U.S. House of Representatives overwhelmingly passed H.R. 2499, the Veterans Entrepreneurship Act of 2015. The bill would amend the Small Business Investment Act of 1958 to increase access to capital for veterans by eliminating upfront fees in the 7(a) Express Loan Program. In FY14, only 2,113 loans under the SBA's Business Guarantee Loan Program, also known as the 7(a) Loan Program, were made to veterans. This program allows the SBA to guarantee loans made by private lending institutions. This bill would make permanent the SBA waiver of upfront fees on any loan of up to $350,000 made to a veteran through the 7(a) Loan Program's express loan product, reducing the amount of upfront cash veterans would need when starting a business. Under the 7(a) Loan Program, borrowers are required to pay upfront fees. For example, a loan of $300,000, upfront fees would normally total $9,000.

"Access to capital is one of the greatest hurdles entrepreneurs face when trying to start a business. Our veterans are a vast untapped reservoir of individuals with the leadership skills vital to the future success of any small business. Members of the military risked their lives to protect our freedoms. This extra help we provide to them and their families as they begin the next chapter of their lives is the least we can do," said Cramer.

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